Where a defendant has moved for summary disposition on a claim of breach of contract, the motion should be allowed under the four-year statute of limitations
A federal appeals court on Thursday asked the Delaware Supreme Court to decide whether a state law that voids “stranger-originated life insurance” policies, or STOLIs, can be enforced against a subsequent investor who acquired the policy in good faith.
Can contracting parties waive all common law fiduciary duties? That was one of the questions presented to the New York Supreme Court, Appellate Division, First Department (the "Court") in 111 West 57th Investment LLC.
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Can contracting parties waive all common law fiduciary duties? That was one of the questions presented to the New York Supreme Court, Appellate Division, First Department (the “Court”) in
111 West 57th Investment LLC, on Behalf of Itself and Derivatively on Behalf of 111 West 57th Partners LLC, et al. v. 111 W57 Mezz Investor LLC, 111 West 57th Partners LLC, et al. On March 30, 2021, the Court answered in the affirmative and modified the trial court’s decision to, among other things, uphold that a waiver of fiduciary duties is enforceable under Delaware law. At the same time, the Court allowed a claim of the Plaintiff (as defined herein) to proceed based on the Defendant’s (as defined herein) alleged breach of the duty of good faith and fair dealing as required by the New York Uniform Commercial Code (N.Y.U.C.C. § 1-304).
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Everything old is new again. As the
pandemic s impact on the real estate industry
matures, lenders are becoming more reluctant to keep
kicking the can down the proverbial road and are
taking action to enforce their rights. The raft of
litigation arising out of pandemic-induced foreclosure
actions and diligence-intensive distressed deals are
causing lenders and borrowers alike to carefully
scrutinize their loan documentation. Methods of
enforcement and potential defenses are critical.
Both mezzanine lenders contemplating foreclosure, and
mezzanine borrowers considering their options, would be